By LI Linxu

In its latest moves to further stimulate the growth of private economy, China has rolled out a package of measures in a top-level guideline.

Jointly released by the CPC Central Committee and the State Council, the guideline vows to improve the business environment and treat private enterprises the same as their state-owned counterparts.

It puts forward a total of 31 concrete measures, such as cutting market access barriers for private firms, enhancing the protection of intellectual property rights, easing private companies' efforts to raise capital and supporting their overseas expansion.

The private economy has long played a positive role in stabilizing growth, promoting innovation, increasing employment and improving people's livelihoods, said Li Chunlin, vice chairman of the National Development and Reform Commission (NDRC), adding that NDRC will thoroughly implement the guideline, so as to create a better environment for the development of private economy. Li indicates that NDRC, together with relevant departments, will unveil corresponding support measures very soon.

The employees work at a workshop of a private company in Taizhou, Zhejiang province. (PHOTO: XINHUA)

The private sector, which produces more than 60 percent of China's GDP, is responsible for 70 percent of the country's technological innovation, and accounts for more than 80 percent of its urban jobs, according to a recent press conference held by the State Council Information Office.

The guideline sends a clear policy signal for private enterprises to carry forward with high-quality development, said Lei Jun, founder of Xiaomi Corporation, vowing to focus on its main businesses and make a contribution to the country's sci-tech modernization.

Efforts will be made to improve private enterprises' sci-tech innovation capabilities, according to the guideline, encouraging private firms to continuously increase spending on R&D.

The guideline proposes a series of targeted measures to facilitate the development of private economy, demonstrating the country's resolve to support the private sector, said Liu Yonghao, chairman of New Hope Group.

As a leading agricultural company, the group is encouraged to steadfastly pursue high-quality development by leveraging bio-technologies and digital technologies, added Liu.

Digital and technological transformation is also among the measures announced in the guideline, signaling more support for private companies' digital upgrading efforts.

Meanwhile, the guideline pledges to protect the legal rights and interests of private enterprises and entrepreneurs.

It responds to the call of private enterprises, said An Lijia, vice chairman of the All-China Federation of Industry and Commerce, pledging efforts to create a nurturing social environment for the private economy.

Online platform companies are encouraged to play an important role in job creation and international competition, said the guideline.

Noting the policy's pledges for fair competition and equal protection under the law, Tencent Chairman Ma Huateng said the measures reinforced everyone's confidence to build better and stronger companies.

As a private technology group, Tencent bears the important responsibility of promoting technological innovation and advancing industrial development, added Ma, vowing to invest more in basic research and frontier technologies.